One of the most useful ways for a home owner in Gilbert, Arizona to avoid foreclosure is to simply sell their home on the real estate market. In some of the better scenarios that are available in selling the home, this will stop foreclosure of the home, pay off the loan, but leave you little to no money for emergencies or finding a new home.
The worst part of just selling your home because you can not afford it is the fact that the home is probably not worth the value of your mortgage. So, your selling price will undoubtedly not cover the mortgage that needs to be paid off in full, leaving you unable to walk away from the property free and clear.
It is sorry to say, but with the housing market in such dire straits, selling a house to stop foreclosure could prove nearly impossible. Enter into this process the bank short sale. With a bank short sale you need not be overly concerned with finding an offer price that will pay off the mortgage. In a bank short sale, you are leveraging the harsh situation you are in with the harsh situation that the bank is in. Remember, they want to avoid foreclosure too. With a bank short sale, the home owner and the bank get a better remedy to the situation than would normally happen with a foreclosure in Gilbert, AZ.
Why does a bank short sale work? First, put yourself in the bank’s situation. The perfect remedy to this situation is that you pay the mortgage off in full. The worst case scenario for them is that they are forced to foreclose on the home and incur fees, legal expense, and court proceedings that normally wouldn’t have to be dealt with. Furthermore, in a foreclosure sale, they will get just a fraction of the amount that is needed to satisfy the current mortgage loan. So, with a bank short sale, your lender is understanding of the fact that they will not get money from you and that they do not want to proceed with foreclosure if at all possible.
So, as a home owner, using a bank short sale, you can leverage the banks position to give yourself the best possible outcome from your current hardship. Placing your home on the market with a bank short sale specialist is the first step. When you receive an offer for the home, have the bank short sale specialist go to the lender and request that they accept the bank short sale offer and forgive the remainder of the loan. Because of the position the bank is in, they are very inclined to do so.
The bank short sale is a fabulous way to avoid foreclosure. It is unfortunate that you find yourself in a position that you need to utilize a bank short sale. However, since you are in that position, you can make the best of it for you and for the bank by taking advantage of a bank short sale.
Do you have questions? Read the Short sale FAQs.
Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com
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